HomeMy WebLinkAbout2015-07-27 15-253 ORDERCOUNCIL ACTION
Item No. 15-253
Date: July 27, 2015
Item/Subject: ORDER, Authorizing Amendment of a Development Agreement with Banres,
LLC — Bass Park Boulevard
Responsible Department: Legal
Commentary: This Order will authorize the City Manager to execute an amendment to the
Development Agreement to extend the deadline for completion to September 30, 2015. The City
and Ocean Properties, Ltd entered into a Development Agreement for the construction of a hotel
on Bass Park Boulevard. Ocean Properties, Ltd assigned the Agreement to Banres, LLC with the
consent of the City. The Agreement provided that the construction would be completed by
August 31, 2015. Despite due diligence of Banres, construction has not been as quick as
anticipated and though Banres intends to complete construction by August 31, 2015 as provided
for in the agreement, it is in the parties' best interest to amend the agreement to provide for a
completion date of September 30, 2015 in the event of any unforeseen circumstances that may
result in delay. This item was reviewed and recommended for approval at the July 21, 2015
meeting of the Business and Economic Development Committee.
Manager's Comments:
Associated Information:
Budget Approval:
Legal Approval:
Introduced for
Passage
First Reading
Referral
Department Head
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City Manager
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Finance Director
Solicitor
15-253
JULY 27, 2015
,�. Assigned to Councilor Baldacci
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CITY OF BANGOR
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(TITLE.) ORDER, Authorizing Amendment of a Development Agreement with Banres, LLC —
Bass Park Boulevard
WHEREAS, the City and Ocean Properties, Ltd entered into a Development Agreement for the
construction of a hotel on Bass Park Boulevard.;. and
WHEREAS, Ocean Properties, Ltd assigned the Agreement to Banres, LLC with the consent of
the City; and
WHEREAS, the Agreement provided that the construction would be completed by August 31,
2015; and
WHEREAS, despite due diligence of Banres, construction has not been as quick as anticipated
and though Banres intend to complete construction by August 31, 2015 as provided for in the
agreement, it is in the parties` best interest to amend the agreement to provide for a
completion date. of September 30, 2015 in the event of any unforeseen circumstances that may
result in delay.
By the City Council of the City of Bangor;
ORDERED,
THAT Catherine M. Conlow, City Manager, is hereby authorized on behalf of the City of Bangor
to execute an Amendment to the Development Agreement with Banres. Said Amendment shall
be in final form as approved by the City Solicitor or Assistant City Solicitor.
IN CITY COUNCIL
JULY 27, 2015
PASSED
CITY CLERI